The Bank of Japan has downgraded its view of the economy but held interest rates at minus 0.1 per cent, as it wrestles with public confusion over January’s unprecedented move into negative territory.
Haruhiko Kuroda, BoJ governor, was forced to defend the policy as he unveiled a range of tweaks designed to reduce unintended consequences in the financial system.
The BoJ’s language suggests a high chance of more easing later in the year — but shows how the knock-on effects of negative rates are putting practical limits on the European Central Bank and others’ use of their radical new tool.
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